ITC REVERSAL CASES

1 IF PAYMENT MADE AFTER 180 DAYS

2 ASSEST SALE BEFORE THE TENURE
3 INPUT USED FOR PERSONAL USE RATHER THAN BUSINESS USE
4 DEPRECIATION CLAIMED ON THE ITC OF ASSET
 ITC REVERSAL A/C

Reversal of Input tax credit for inward sup

1) GGST ITC REVERSAL

SGST ITC REVERSAL
IGST ITC REVERSAL
GGST ITC INTEREST INTERIM
SGST ITC INTEREST INTERIM
IGST ITC INTEREST INTERIM
GGST ITC RECEIVABLE
SGST ITC RECEIVABLE
IGST ITC RECEIVABLE
GGST INTEREST PAYABLE ACCONT
SGST INTEREST PAYABLE ACCONY
IGST INTEREST PAYABLE ACCONY

when payment made after 180 days

PURCHASE /EXPENCESA/C DR AIC DR 1 GGST ITC REVERSAL
SGST ITC REVERSAL
CGST -ITC RECEIVABLE AIC DR IGST ITC REVERSAL
SGST-ITC RECEIVABLE AIC DR
IGST-ITC RECEIVABLE AIC DR GGST ITC RECEIVABLE
CESS-ITC RECEIVABLE AIC DR SGST ITC RECEIVABLE
IGST ITC RECEIVABLE

TO VENDOR/BANK 2 PURCHASE /EXPENCESA/C DR

GGST ITC REVERSAL
SGST ITC REVERSAL
IGST ITC REVERSAL

** after making paymet entry will be reve

of Input tax credit for inward supplies when GST payment not made by the Supplier

ITC REVERSAL DR 2) PARTY/VENDOR A/C DR 4)

ITC REVERSAL DR GGST ITC REVERSAL CR
ITC REVERSAL DR SGST ITC REVERSAL CR
ITC INTEREST INTERIM DR IGST ITC REVERSAL CR
ITC INTEREST INTERIM DR GGST ITC INTEREST INTERIM CR
ITC INTEREST INTERIM DR SGST ITC INTEREST INTERIM CR
ITC RECEIVABLE CR IGST ITC INTEREST INTERIM CR
ITC RECEIVABLE CR
ITC RECEIVABLE CR 3) GGST INTEREST PAYABLE ACCONT DR
INTEREST PAYABLE ACCONT CR SGST INTEREST PAYABLE ACCONY DR
INTEREST PAYABLE ACCONY CR IGST INTEREST PAYABLE ACCONY DR
INTEREST PAYABLE ACCONY CR TO BANK

ment made after 180 days

ITC REVERSAL DR
ITC REVERSAL DR
ITC REVERSAL DR

ITC RECEIVABLE CR at HQ level E ledger balance

ITC RECEIVABLE CR at HQ level E ledger balance
ITC RECEIVABLE CR at HQ level E ledger balance

E /EXPENCESA/C DR DR
ITC REVERSAL CR
ITC REVERSAL CR
ITC REVERSAL CR

making paymet entry will be reversed.

SG